Insurtech Igloo bags US$36 million pre-Series C funding

INSURTECH startup Igloo has raised US$36 million in a pre-Series C funding round with asset manager Eurazeo’s insurtech fund leading the round.

Existing investors Openspace Ventures and La Maison also participated in this round. According to data from insights platform Alternatives.PE, Igloo’s post-money valuation stood at US$210 million in the last quarter of 2022. The startup claims its pre-Series C valuation now stands at 50 per cent above the previous valuation.

To date, Igloo has raised US$100 million.

“The insurance market in South-east Asia is still very underpenetrated and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers,” said Albert Shyy, managing director, Eurazeo.

Igloo’s offerings include Ignite by Igloo, a platform for insurance agents in Vietnam and Indonesia. Currently, the platform has over 22,000 agents, with a target of 50,000 by the end of 2023 with expansion into other markets.

Another offering – the Weather Index Insurance, a blockchain-based insurance against specific bad weather for farmers – now covers more than 20,000 hectares of farmland in Vietnam. Igloo has facilitated over 500 million insurance policies to date.

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The funding will be used for merger and acquisition opportunities to expand Igloo’s reach and product portfolio across the region. These include other insurtech startups or insurance companies in the markets the startup operates in.

Igloo will also utilise the funding to hire roles across engineering, commercial, strategy and insurance, with a target of increasing its headcount by 20 per cent.

“The support from our investors is testament to Igloo’s steady growth and resilience amid macro headwinds and is a validation of our strategy,” said Raunak Mehta, co-founder and chief executive officer of Igloo.